ABB ABB Ltd

   By Ed Frankl and Cecilia Butini 
 

Accelleron Industries AG, the turbocharging unit of ABB which was spun off on Monday, started trading on the SIX Swiss Exchange in Zurich with an implied valuation of 1.73 billion Swiss francs ($1.75 billion).

ABB Ltd. said Monday that it had completed the spinoff of its turbocharging unit offering one new Accelleron share for each 20 ABB shares.

Accelleron shares started trading at CHF18.00, while ABB shares fell 3.5% in opening trade after news of the spinoff completion.

The Switzerland-based robotics company has been attempting to streamline its portfolio in recent years as it deals with a more-digital industrial landscape.

On Friday it sold its remaining 20% stake in its Hitachi joint venture to the Japanese company and might be looking to sell its power-conversion unit.

The transaction allows both ABB and Accelleron to focus on respective strategies and long-term value creation for stakeholders, ABB said.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

October 03, 2022 04:10 ET (08:10 GMT)

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